Radius misclassification can cost you dearly in premium leakage
A Verisk study found that 23% of commercial vehicles were sighted outside of the radius stated by the policyholder.1 Of those vehicles, 16% are classified as “worst offenders,” accounting for more than two-thirds of the estimated radius-related premium leakage.
Location, location, location
How can you begin to recapture the commercial auto premium leakage caused by radius misclassification each year? RadiusCheck uses photo data to match vehicles to your portfolio for a more complete picture of violations.
Leverage location
Use on-site photographs, precise location data, and date/time stamps to map your book for misclassifications.
See the details
Understand the loss cost impact with data on duration and frequency of violations.
Strategize targeting
Target the worst offenders—the 16% responsible for two-thirds of premium leakage—by turning precise location data into actionable evidence.
RadiusCheck in action
Here’s an example: VeriTruck is insured within Glendale, CA with a 50-mile radius. RadiusCheck reports 46 VeriTruck vehicle sightings from 8/16/2020 to 1/14/2023. 85% of these sightings were more than 100 miles beyond the specified radius.
Features and capabilities
Photographic evidence
Leverage innovative technology that takes on-site photos of vehicles and matches them to your book.
Granular location data
Target the worst offenders by grouping radius violations by class and understanding their loss cost impact.
Classify accurately
Understand when radius misclassification might in fact be territory misclassification, and amend policies accordingly.
Related resources
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1 Verisk 2017 Radius Misclassification Study